Illinois House Approves $1B in Debt to Extend Pension Buyouts

The Illinois House of Representatives on Thursday passed legislation to authorize an additional $1 billion of debt to pay for pension buyouts, in a bid to reduce the worst-rated state’s massive unfunded liability for its retirement systems.

• The bill passed the chamber with 108 yeas and two nays
  • The proposal was introduced in December by state Representative Bob Morgan, a Democrat, to extend a buyout option for many employees of the state, its universities and school systems
  • The debt would be on top of a previous authorization from 2018 to issue $1 billion of so-called pension-obligation acceleration debt, most of ...